Large lenders will double their foreclosures on the west coast. They own far too many houses for the health of their own bottom line.
This will also mean that short sale listings will be more prevalent as banks change the rules regarding extended stays for owners not making their payments.
Over the coming months banks will become much more aggressive towards defaults, short sales and foreclosures.
To understand some of the issues banks are facing, think about the fact that B of A paid 2.5 billion for Countrywide. Now their legal fees are over 30 billion regarding those loans.
They need to clear out their inventory and the courts have cleared the way for them to move forward.
Cash is key for banks right now!
Subscribe to:
Post Comments (Atom)
Hi, thank you for your great post. I really appreciate the efforts you have put in your blog .It is interesting and helpful.
ReplyDeletePattaya Villas Properties | Property in Pattaya | Condos House Rental Properties